Budgeting Tools for Paying Off Credit Cards

JAN 29, 2014

Personal budgets can help you pay off your credit cards faster by letting you see how much money you have coming in and where you’re spending it. Once you understand your income and outflow, you can build a plan that allocates money to pay off your credit cards.

One approach is to use a spreadsheet and lay everything out. Another is to take cash out of every paycheck and put it in separate envelopes or bank accounts for each type of expense so that you spend only what is allocated to each expense category.

Whichever method you use, it can help you to earmark money for quickly paying off expensive credit card debt. As you pay down debt, you can check your credit report to see what impact your efforts are having on your credit.

 

About the Author
Solomon Poretsky has been a writer since 1996, with experience in the fields of financial services, real estate and technology. Poretsky holds a Bachelor of Arts in political science from Columbia University.

 

This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.

Published by permission from ConsumerInfo.com, Inc.  © 2014 ConsumerInfo.com, Inc.  All rights reserved.